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Old 12-24-2009, 04:24 PM
CarlX CarlX is offline
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Default Value Added Tax
What I know about value added tax is that the government will add additional tax on every product that we buy. But I don't really understand how this works so I would greatly appreciate if someone could elaborate this matter.
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Old 01-12-2010, 12:54 PM
stevensonjames88 stevensonjames88 is offline
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Value added tax is additional input tax to items that we buy. We used to have 10% tax in our purchases here but the government imposed an additional 2% value added tax (VAT) hence, a total of 12% and this is to all purchases.
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Old 01-15-2010, 04:31 AM
jamessol jamessol is offline
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Steven, I just hope that the additional 2% tax will really be used by your government and that being corrupt or being funded to pork barrels.Vat is hard to shoulder nowadays thus proper allocation of funds.
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Old 01-27-2010, 04:26 PM
abuzar345 abuzar345 is offline
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In short VAt is paid by the final consumer of the product. Plus if you are registered wit VAT and you are seller then you can also claim your VAT from the related body.
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Old 03-08-2010, 08:38 PM
The Penny Hoarder The Penny Hoarder is offline
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VATs can be used to even the disparity in prices from foreign good thus making American goods more attractive to be purchased.
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Old 03-24-2010, 06:06 PM
saramedows saramedows is offline
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Originally Posted by stevensonjames88 View Post
Value added tax is additional input tax to items that we buy. We used to have 10% tax in our purchases here but the government imposed an additional 2% value added tax (VAT) hence, a total of 12% and this is to all purchases.
Thanks steve!! I used merchant account plimus since last one year,they are being deducted VAT from some of clients and some of exempted, so what will be the reason behind it.
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Old 05-22-2010, 04:26 AM
brooklands brooklands is offline
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we get charged 17.5% on all things we spend here in the UK
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Old 06-04-2010, 04:19 AM
Jerin Jerin is offline
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Value added tax (VAT) is similar to a sales tax. It is a tax on the estimated market value added to a product or material at each stage of its manufacture or distribution, ultimately passed on to the consumer.Personal end-consumers of products and services cannot recover VAT on purchases, but businesses are able to recover VAT (input tax) on the products and services that they buy in order to produce further goods or services that will be sold to yet another business in the supply chain or directly to a final consumer.
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Old 07-15-2010, 07:44 PM
DaiB DaiB is offline
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In the UK VAT will be 20% from January 2011. Happy days!
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Old 10-27-2010, 02:15 AM
nickywilliam nickywilliam is offline
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Yes this is absolutely will help to the government to implement their project for the benefits of the people or to the community.My knowledge in this Valued added tax is that the government add the specific price of the product and that's how will help to us.We must support this doing because this will help to improve our nation.
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